cwah
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Post by cwah on Oct 13, 2017 12:27:05 GMT
I m also stuck and sting very hard.
Maybe we can group together to create a case? It will decrease our legal cost.
We need to make sure we also target the various directors so that they can't just escape like this.
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Post by jackpease on Oct 13, 2017 15:01:55 GMT
How would such a case succeed? Should such a case succeed? P2P in general, Lendy more particularly and that loan at a reasonably high % is clearly marked as risky?
Jack P
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beechside
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Post by beechside on Oct 13, 2017 16:00:50 GMT
I m also stuck and sting very hard. Maybe we can group together to create a case? It will decrease our legal cost. We need to make sure we also target the various directors so that they can't just escape like this. Suing the platform even before we know what's happening with the loan is madness. If you want to bring the platform to its knees, cause the SM to haemorrhage, make all borrowers think Xmas has come early, bring the press in, have the Directors run for cover then by all means. An alternative strategy is to do some DD before buying. There was plenty of evidence against this loan but, hey, jump in feet first by all means. Expect losses. This is high-risk investing. DD is your responsibility.
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cwah
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Post by cwah on Oct 13, 2017 16:42:27 GMT
There's clearly multiple big issues:
- how can a property put at 20% of its value on open market? (Got funds in Isle of wight) I can do due dilligence but the variation is too enormous not to call that a fraud or something similar
- then suddently block the secondary market after over 1 month I tried to sell. Was that written anywhere on the contract they can do that? That has nothing to do with due dilligence!
They may be paying themself nice big check from investor money...
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mary
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Post by mary on Oct 13, 2017 16:51:52 GMT
I m also stuck and sting very hard. Maybe we can group together to create a case? It will decrease our legal cost. We need to make sure we also target the various directors so that they can't just escape like this. Perhaps you should reviews the T&Cs that you have agreed to, there are some fairly widely drawn clauses that absolve Lendy of almost everything, including... Lender's agreements with Lendy
You agree that Lendy is making no warranty or representation as to the ability of borrowers to repay loans or pay interest or fees on those loans, and their credit risk, and that we are in no way liable for the debts of borrowers to you. You acknowledge that you are lending entirely at your own risk.
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kermie
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Post by kermie on Oct 13, 2017 17:13:41 GMT
And I think herein lies the problem with a lot of P2P platforms - the platforms cannot on the one hand present anonymous borrowers to lenders, and yet expect lenders to assess the risk of lending to said borrower. Or indeed not present monitoring reports in full. This isn't risky lending. It's blind gambling.
It's supposed to be peer-to-peer, not peer-to-who-the-hell-knows.
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mary
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Post by mary on Oct 13, 2017 17:23:50 GMT
And I think herein lies the problem with a lot of P2P platforms - the platforms cannot on the one hand present anonymous borrowers to lenders, and yet expect lenders to assess the risk of lending to said borrower. Or indeed not present monitoring reports in full. This isn't risky lending. It's blind gambling. It's supposed to be peer-to-peer, not peer-to-who-the-hell-knows. Many platforms are completely blind - Bondmason, RateSetter, and more. The higher the interest rate the higher the risk, seems too many people allow themselves to be blinded by higher rates and ignore the obvious risks - even though they have accepted those risks by agreeing the T&Cs.
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kermie
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Post by kermie on Oct 13, 2017 17:32:21 GMT
And I think herein lies the problem with a lot of P2P platforms - the platforms cannot on the one hand present anonymous borrowers to lenders, and yet expect lenders to assess the risk of lending to said borrower. Or indeed not present monitoring reports in full. This isn't risky lending. It's blind gambling. It's supposed to be peer-to-peer, not peer-to-who-the-hell-knows. Many platforms are completely blind - Bondmason, RateSetter, and more. The higher the interest rate the higher the risk, seems too many people allow themselves to be blinded by higher rates and ignore the obvious risks - even though they have accepted those risks by agreeing the T&Cs. Bondmason and RateSetter are essentially blind, that is true, although those platforms do not expect lenders to do any due diligence, they do not present borrowers to lenders, so I think they are quite different. Instead, BM and RS auto-diversify on behalf of lenders...and that is reflected in the much lower rates than on offer at Lendy, for example.
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cwah
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Post by cwah on Oct 13, 2017 17:34:53 GMT
I m also stuck and sting very hard. Maybe we can group together to create a case? It will decrease our legal cost. We need to make sure we also target the various directors so that they can't just escape like this. Perhaps you should reviews the T&Cs that you have agreed to, there are some fairly widely drawn clauses that absolve Lendy of almost everything, including... Lender's agreements with Lendy
You agree that Lendy is making no warranty or representation as to the ability of borrowers to repay loans or pay interest or fees on those loans, and their credit risk, and that we are in no way liable for the debts of borrowers to you. You acknowledge that you are lending entirely at your own risk.
The term didn't mention Lendy ability to blatantly over inflate property value by 5 times and stop any secondary market on loans as they feel. Its good for them as investors in these loans would just leave the platform all together.
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registerme
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Post by registerme on Oct 13, 2017 17:44:56 GMT
Perhaps you should reviews the T&Cs that you have agreed to, there are some fairly widely drawn clauses that absolve Lendy of almost everything, including... Lender's agreements with Lendy
You agree that Lendy is making no warranty or representation as to the ability of borrowers to repay loans or pay interest or fees on those loans, and their credit risk, and that we are in no way liable for the debts of borrowers to you. You acknowledge that you are lending entirely at your own risk.
The term didn't mention Lendy ability to blatantly over inflate property value by 5 times and stop any secondary market on loans as they feel. Its good for them as investors in these loans would just leave the platform all together. Lendy will point out that they used a RICS member to carry out the valuation......
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Post by GSV3MIaC on Oct 13, 2017 18:03:42 GMT
Well yes, but in some cases one with totally inadequate indemnity cover (but excellent weasel wording).
And anyway, that does not excuse the continual jelly-fishing of Ly T&Cs .. first it's 'SBL', then it's not; then it's 'suspended', but it ain't 'defaulted', and then new tranches will bump yours down the SM queue (where there is a queue) .. Oh and there's bonus interest to be paid unless the loan is mystically 'extended' by mutual agreement (theirs, not the Lenders!) in which case it is apt to be deemed to have not happened. Ungruntled? Moi??? Someone pass me a banana ...
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mikes1531
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Post by mikes1531 on Oct 13, 2017 18:26:28 GMT
The term didn't mention Lendy ability to blatantly over inflate property value by 5 times and stop any secondary market on loans as they feel. Its good for them as investors in these loans would just leave the platform all together. Lendy will point out that they used a RICS member to carry out the valuation...... Many of those valuations state the assumptions used, and some of those should raise red flags as the valuation is very sensitive to them. In the process of Lendy's 'stringent' DD -- IIRC they have used even more flattering words to describe their DD, but I can't find those now -- Lendy ought to be checking that those assumptions are valid and asking the valuer to update the VR if it turns out that the assumptions don't match reality. There's a certain amount of basic DD that a Lendy investor can do, but there is some that only Lendy can do because only Lendy have access to the necessary data.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 13, 2017 19:31:54 GMT
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registerme
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Post by registerme on Oct 13, 2017 23:03:21 GMT
I wasn't defending Lendy, just pointing out one of their likely defences :-).
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 13, 2017 23:41:07 GMT
I wasn't defending Lendy, just pointing out one of their likely defences :-). I know  - It is the defacto response and labelled all over the LY website. When I started investing, I relied on VRs, trusted them and made investments based on their contents. However, over the course of two years of observation, and I know I'm not alone, it has become apparent that there is something very wrong. And it is not just an LY issue, it is systematic across similar platforms Hopefully I will have some stats on this later in the year
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- It is the defacto response and labelled all over the LY website.